IRS Publication 535 (Section 9: Depletion) states that one may claim a depletion deduction only if you have an "economic interest" in a mineral property, where an "economic interest" exists if BOTH of the following apply:
- you have acquired BY INVESTMENT (caps. mine) any interest............
- you have a legal right to income from the extraction................
Although I have not to this point claimed any depletion deductions for my inherited royalty interests in…
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Posted on March 1, 2009 at 9:35 — 1 Comment
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landownerEat Beef said…
landownerEat Beef said…
I'm not sure how Mama got the copy of the photo that you have, but she said, it came out the news paper, back in the early 1900's If you will send my your email address I will sends parts of this story as I find them. She wrote them in chapters. I'm working on my Moms article now, trying to get them into a book for the family, and maybe other people that might want to buy one It's about Shelby County history, passed down thru my Mama's family. Does your old deed have Sam Houston's signature? The Hardy Hancock land grant deeds have his signature on them. This email only lets you type 2000 letters...
Regina Hughes Vaughn
landownerEat Beef said…
Center, name Suzanne, but not sure about "Brown" As you are new to the site, you will find I have ask to be friends, then we can email, to each other, on this site.